By Liz Moyer
Investing.com -- U.S. stocks rose on Thursday as investors tried to sustain a rally while they digested the latest information from the Federal Reserve.
At 10:48 AM ET, the Dow Jones Industrial Average rose 452 points or 1.4%, while the S&P 500 rose 1.6% and the NASDAQ Composite rose 1.9%.
Minutes of the Federal Reserve's last meeting in early May indicated the central bank could slow the pace of its interest rate increases later this year if inflation trends lower and the labor market shows less of a demand-supply imbalance. That cheered investors and has sent stocks higher.
Shares of department store operator Macy’s Inc (NYSE:M) jumped 15% after it raised its full-year profit forecast, helped by strong demand for apparel from consumers returning to work and social events.
Apple Inc (NASDAQ:AAPL) shares rose 1% after a report by Bloomberg that the company expects not to increase production of its iPhones this year because of disruptions in China linked to lockdowns.
Twitter Inc (NYSE:TWTR) shares climbed 5.4% after a filing showed that Tesla (NASDAQ:TSLA) CEO Elon Musk lifted his personal commitment in buying the social media platform by $6.25 billion to $33.5 billion and was also in talks with shareholders for additional financing commitments to fund the deal.
McDonald’s Corporation (NYSE:MCD) shares rose 1.6% after activist investor Carl Icahn lost a bid to get two board seats at the company.
Oil was also on the rise. Crude Oil WTI Futures jumped 3% in early trading, to $113.90 a barrel, and Brent Oil Futures crude rose 2% to $113.68. Gold Futures was flat at $1,844 an ounce.